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<PAGE> PAGE 2
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<PAGE> PAGE 13
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SIGNATURE DAVID F. HILL
TITLE PRESIDENT
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<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 206
<INTEREST-EXPENSE> 9
<GROSS-EXPENSE> 326
<AVERAGE-NET-ASSETS> 32,264
<PER-SHARE-NAV-BEGIN> 8.55
<PER-SHARE-NII> 0.79
<PER-SHARE-GAIN-APPREC> 0.13
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.79)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.68
<EXPENSE-RATIO> 1.01
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000833045
<NAME> SAFECO TAXABLE BOND TRUST
<SERIES>
<NUMBER> 2
<NAME> SAFECO INTERMEDIATE TERM TREASURY FUND
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-START> OCT-01-1994
<PERIOD-END> SEP-30-1995
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 13,329
<INVESTMENTS-AT-VALUE> 13,685
<RECEIVABLES> 141
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 13,826
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 52
<TOTAL-LIABILITIES> 52
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 13,779
<SHARES-COMMON-STOCK> 1,346
<SHARES-COMMON-PRIOR> 1,372
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 356
<NET-ASSETS> 13,774
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 846
<OTHER-INCOME> 0
<EXPENSES-NET> 126
<NET-INVESTMENT-INCOME> 720
<REALIZED-GAINS-CURRENT> 7
<APPREC-INCREASE-CURRENT> 638
<NET-CHANGE-FROM-OPS> 1,365
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (720)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 431
<NUMBER-OF-SHARES-REDEEMED> 495
<SHARES-REINVESTED> 37
<NET-CHANGE-IN-ASSETS> 407
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 71
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 126
<AVERAGE-NET-ASSETS> 13,074
<PER-SHARE-NAV-BEGIN> 9.74
<PER-SHARE-NII> 0.55
<PER-SHARE-GAIN-APPREC> 0.50
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.55)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.24
<EXPENSE-RATIO> 0.96
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
October 26, 1995
To the Board of Trustees and Shareholders
of the SAFECO Taxable Bond Trust
In planning and performing our audit of the financial statements of the SAFECO
Taxable Bond Trust (comprising, respectively, the SAFECO High-Yield Bond Fund,
SAFECO GNMA Fund, and SAFECO Intermediate-Term Treasury Fund) for the year
ended September 30, 1995, we considered its internal control structure,
including procedures for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on the financial
statements, and to comply with the requirements of Form N-SAR, and not to
provide assurance on the internal control structure.
The management of the SAFECO Taxable Bond Trust is responsible for
establishing and maintaining an internal control structure. In fulfilling
this responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of internal control policies
and procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets
are safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and may not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce
to a relatively low level the risk that errors or irregularities in amounts
that would be material in relation to the financial statements being audited
may occur and not be detected within a timely period by employees in the
normal course of performing their assigned functions. However, we noted no
matters involving the internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as defined
above as of September 30, 1995.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
Ernst & Young LLP
